Channel GPU sales came in lower than expected based on excess channel inventory levels, caused by the decline in blockchain-related demand that was so strong earlier in the year, she added.

Su said the graphics and computing segment underperformed expectations by $100 million in the quarter and added that inventory levels for its graphics products remain high and may take a couple quarters to return to normal levels.

“The miss was due to GPU. AMD had too high an exposure to the crypto-currency market. Additionally, they do not have a competitive line-up in the PC Gaming market,” Summit Insights Group analyst Kinngai Chan said.